우리나라 리츠의 현황과 활성화 방안

다국어 초록 (Multilingual Abstract)

During the foreign currency crisis in 1997, Korea entered into the IMF Management System and attempted to secure investment mobility by disposing real estate which was owned by company and financial institutions through restructuring process. However, there was a limited number of purchasers to buy the real estate on offer in reality. Accordingly, 「Real Estate Investment Trusts(here in after, REITs)」 was enacted on April 2001 and enforced from July 2001 in order to secure mobility of real estate investment, to provide general public with healthy real estate investment opportunity, and to activate healthy real estate investment by securing the foundation of demands for real estate.
Due to various problems, not a single general REITs was established so far. Instead, REITs for corporation restructuring(here in after, CR-REITs) were partially established and operated. Fortunately, various problems of REITs were improved and supplemented by the amended regulations of 2005, however, obstacles for activation of REITs still exist. Thus, this study aims to suggest plans for activation of REITs in Korea by comparing the cases in the advanced countries.
First, in America, there is no regulation for the minimum amount of capital to establish REITs, encouraging establishment thereof. Once REITs are established, they are controlled by reinforced regulations in operation in America. However, in Korea, the minimum amount of capital to establish REITs is fixed as 25 billion won, discouraging establishment of REITs by burdening investor with financial provision at the initial stage of establishment. Accordingly, the regulation for the minimum amount of capital to establish REITs should be abolished. Moreover, strict follow-up after REITs establishment and reinforcement of regulations in operating them should be made in order to protect investors.
Second, investment profits should be guaranteed to a certain amount in order to activate REITs. However, it is difficult to find appropriate investment object that will satisfy the desired profits of investor. To solve such a problem, supports by introducing taxation system through policy are required such as exemption of corporate tax, registration tax, acquisition tax, and transfer income tax. In addition, advanced management system should be introduced including efficient property management.
Third, the retention period should be limited for CR-REITs, and conversion of CR-REITs to general REITs(optional nominal company) should be allowed, if CR-REITs wish to retain themselves after the expiration of the retention period. It is to reduce difficulties in liquidation due to a surge of real estates on offer at once, and to prevent damages of investors.
Fourth, unscientific and illogical operational and structural problems of the Korean real estate market, and ethical slackness of management of corporation are responsible for the distrust of investors on the Korean real estate market. Accordingly, related personnel of REITs should be controlled and monitored more strictly in order to elevate reliability of REITs and make REITs more transparent in Korea. Training for the related personnel should be reinforced to educate them with a strong sense of work ethics.
As mentioned above, various plans were suggested to activate real estate investment firms in this study. It is assumed that the Korean government is well aware of the necessity of resolute systemic supports through policy in order to solve the problems which had been occurred so far. It is understandable that REITs in Korea have many problems and go through trials and errors, since they are in their initial stage compared to the advanced countries.
The amount of current price of listed REITs in Korea is about 540 billion won which is only 0.13% of the total amount of current price of security market. On the contrary, it is 2.15% in America which is almost 17 times higher than that of Korean REITs. It took 30 years for REITs to settle down in America, and there were a great number of trials and errors in Japan and Australia regarding REITs as well. Thus, resonable improvement should be made for all the problems pointed out through application procedure of REITs in Korea in order to stabilize them in a short period of time. This may contributes to activate indirect investment for real estate through REITs, so that specialization and enlargement of real estate capital in the real estate industry, professionalization and specialization of real estate industry, and transparency in real estate market are possible. Furthermore, it also contributes to block investment on real estate itself due to indirect investment on real estate through REITs stock, to propel professional development of real estate in each specific field, to stabilize investment pattern of real estate for a long term, to establish investment policy of real estate that values cash flow, and to integrate real estate market with capital market organ.

목차 (Table of Contents)

• 목차
• 제 1 장 서론 = 1
• 제 1 절 연구목적 = 1
• 제 2 절 연구방법 및 논문의 구성 = 2
• 제 2 장 리츠의 이론적 고찰 = 4
• 제 1 절 리츠의 개요 = 4
• 1. 리츠의 의의 = 4
• 2. 리츠의 종류 = 5
• 3. 리츠의 도입필요성 = 7
• 4. 리츠와 유사제도의 비교 = 8
• 제 2 절 우리나라 리츠의 구조 및 조직구성 = 13
• 1. 리츠의 일반적 구조 = 13
• 2. 리츠의 조직구성 = 14
• 제 3 장 우리나라 리츠의 현황 = 18
• 제 1 절 리츠의 도입배경 = 18
• 제 2 절 우리나라 리츠의 구조 = 21
• 1. 구조 = 21
• 2. 주요내용 = 27
• 3. 부동산펀드시장 = 30
• 제 3 절 리츠 관련기관 = 32
• 1. 일반 리츠 = 32
• 2. 기업구조조정 리츠(CR-리츠) = 34
• 3. 부동산투자자문회사 = 40
• 4. 자산관리회사 = 42
• 제 4 절 리츠의 도입 효과 = 43
• 1. 부동산과 자본시장에 미치는 효과 = 43
• 2. 제도참여자에게 미치는 효과 = 45
• 제 4 장 해외 리츠의 현황 = 47
• 제 1 절 개 요 = 47
• 제 2 절 미국의 리츠 = 47
• 1. 등장배경 및 발전과정 = 47
• 2. 유형 및 현황 = 51
• 3. 주요투자자 = 53
• 4. 리츠와 타 금융상품 간의 수익률 비교 = 55
• 5. 시장동향 = 56
• 6. 우리나라 리츠와 미국 리츠의 비교 = 59
• 제 3 절 호주의 상장부동산신탁증권(LPT) = 60
• 1. 등장배경 및 발전과정 = 60
• 2. LPT의 구조 = 62
• 3. 현황 및 특징 = 63
• 4. 시장동향 = 65
• 5. 우리나라 리츠와 LPT의 비교 = 68
• 제 4 절 일본의 부동산투자신탁증권(SPC) = 69
• 1. 등장배경 및 발전과정 = 69
• 2. 일본의 부동산투자신탁의 유형 = 71
• 3. 현황 및 특징 = 74
• 4. 우리나라 리츠와 일본 SPC의 비교 = 78
• 제 5 절 홍콩의 투자신탁제도 = 80
• 제 5 장 우리나라 리츠의 활성화 방안 = 82
• 제 1 절 제도상의 활성화 방안 = 82
• 1. 개발사업에 대한 문제와 활성화 방안 = 82
• 2. 최저 자본금 규정의 문제와 활성화 방안 = 82
• 3. 세제제도의 문제와 활성화 방안 = 83
• 제 2 절 운용상의 활성화 방안 = 84
• 1. 전문적인 운용기법 및 인력확보의 문제와 활성화 방안 = 84
• 2. 투자설명서 검증 시스템 부재의 문제와 활성화 방안 = 86
• 3. 적절한 지배 구조의 문제와 활성화 방안 = 87
• 4. 운용부동산 또는 사업대상 부동산 확보의 문제와 활성화 방안 = 88
• 5. 적절한 사업규모를 운용할 수 있는 수준의 자본금 모집의 문제와 활성화 방안 = 89
• 6. 부동산 운용의 투명성 확보의 문제와 활성화 방안 = 90
• 7. 고유의 회계처리 시스템 개발의 문제와 활성화 방안 = 92
• 제 6 장 결론 = 93
• 참고문헌 = 95
• Abstract = 98